RBA keeps policy rate unchanged amid sticky inflation

Central bank raises inflation forecasts, as inflation declines more slowly than expected

Reserve Bank of Australia
Photo: Alex Towle

The Reserve Bank of Australia (RBA) held its benchmark interest rate steady for the fourth consecutive meeting on May 7, saying inflation remains high and is falling more slowly than previously expected.

The RBA’s nine-member board kept the cash rate target at a 12-year high of 4.35%, unchanged since November 2023.

The six-month pause came after the central bank raised interest rates by a total of 425 basis points between May 2022 and November 2023.

While inflation continues to moderate, recent

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